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In a joint media release issued on 28 March 2014, the Acting Assistant Treasurer, Senator Mathias Cormann, the Minister for Small Business, Bruce Billson, and the Parliamentary Secretary to the Treasurer, Steven Ciobo, announced that the Government has asked the Board of Taxation to conduct a review to identify features in the tax system that are hindering or preventing small businesses from reaching their commercial goals.

The Government is fully committed the Tax White Paper process and this Board of Taxation review will complement the process with a dedicated focus on the small business sector to drive innovation and jobs growth.

The Board of Taxation will draw on its extensive links with small business and the expertise of its Advisory Panel in developing its report to the Government before 31 August 2014.

A copy of the terms of reference for the review is available here

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